European Parliament Will Soon Vote On Crypto Asset Market Regulation MiCA

The European Parliament announces an early vote on MiCA, once the MiCA Act is passed and implemented, it will be an important milestone in EU crypto regulation.

On December 3, in a recent statement, the European Parliament said that its members will soon vote on the adoption of the Markets in Crypto Assets regulation (MiCA), and the vote is expected will take place during the plenary session of the legislature.

The parliamentary advisory group stated that the passage of the MiCA bill would create “harmonized rules for cryptocurrencies at the EU level” and that harmonized rules on cryptocurrencies are expected to bring “legal certainty for cryptocurrencies not covered by current EU law”.

In the statement, the EU Parliament also said that the rules would not only strengthen consumer and investor protection, but also “promote innovation and use of crypto assets.”

The reason why FTX crashes can happen has a lot to do with the lack of oversight for crypto assets in many countries. The MiCA Act not only EU countries with separate regulatory policies will form a unified cryptographic management system, but also affects the encryption laws of countries around the world and accelerate the transition of the global crypto market from the “unbridled growth” to the “regulatory era”.

On 10 October 2022, the European Parliament committee adopted the draft of the MiCA.

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